Buying a home is a decision you shouldn’t take lightly. If you’ve decided to buy a home, odds are you believe you’re financially capable of doing so (perhaps with the help of a home loan). A home purchase is one of the biggest investments you’ll ever make, so you’ll want the best deal possible on the house in which you plan to live. When you decide to buy a home – timing – can impact how much you end up spending. Here are a few tips for the best time to buy a home:
When it’s a buyer’s market
A buyer’s market occurs when there are more houses for sale in an area than there are buyers in that area. This means sellers are competing against each other and are less likely to have multiple buyers bidding against one another.
If you’re a buyer in a buyer’s market, you’re going to have more room to negotiate. However, if you’re a buyer in a seller’s market, the seller will likely receive more interest from multiple buyers. This gives you less room to negotiate and potentially forces you to bid against another buyer.
End of summer and during fall
The spring and summer months are considered the peak selling seasons. Sellers list their homes for sale right when the weather improves and buyers begin going house-hunting. Sellers who haven’t sold by the end of summer may be getting desperate, which means you’ll have an edge when it comes to negotiations.
Knowing when to buy can make it easier to negotiate and can result in lower prices. Reach out to Randy Lindsay real estate professionals for more advice for buying a home today.